SSL International slumps on job cuts to reduce costs
This article was originally published in Clinica
Shares in UK company SSL International plunged 28% to 419.5p ($6), after the company announced plans to cut 300 jobs in an attempt to reduce costs and restore operating margins. A business review had led to the conclusion that "radical action" was necessary, the company says. The high level of operating costs, especially in Europe, is a result of "over-manning, duplication of activity and increased insurance costs", SSL says.